If You Win The Powerball You Will Take Home…

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You know if you win the $700 million power ball you won’t be taking home, $700 million right? Taxes!

So let’s say that you take the the initial payout of $443.3 million if you take the lump-sum. According to USA Mega, you’ve already lost 63% of the winnings. Now the initial federal tax from winnings is 25% which takes $110,825,000 million. So that leaves #332.5 million.

State taxes…in NC you will have to pay $53 million which leaves with $279.5 million. If you have time, you might want to go to California, Florida, New Hampshire, Pennsylvania, South Dakota, Tennessee, Texas, US Virgin Island, Washington state, or Wyoming to buy your ticket. They don’t have state tax. And if you go to Puerto Rico, you don’t have to pay state or federal taxes on lottery winnings! Hummm…

So have you brought your lottery ticket yet?